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Miami Real Estate Double-Digit Price Appreciation Continues

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Total housing inventory nationally declined at the end of October and was 1.8 percent below year-ago levels, representing a 5.2-month supply.

Miami Real Estate Selling Fast, Close to List Price
Miami real estate continues to sell rapidly and near listing prices.

The median number of days on the market for single-family homes sold in October 2013 was just 40 days, one less day than in September 2013, and a slight increase from 38 days in October 2012. In addition, the average sales price was 96.3 percent of the listed price last month, up from 95 percent the prior year and 95.9 percent in September 2013. Combined with the fast sales, this is a sign that homes are being priced right.

Condominiums also sold at a rapid pace and close to their asking price in October 2013. The median number of days on the market for a condo was just 44 days, down 4.3 percent from September and slightly more than 43 during October 2012, a modest increase of just 2.3 percent.

Cash Sales a Sign of International Buyers
Cash home and condo sales continue to be a major driving force behind Miami’s real estate boom, a sign of continued interest from international buyers, most of whom pay cash. Of the 1,060 homes sold last month, the 518 cash transactions accounted for 48.9 percent of all home sales, an increase of 3.2 percentage points relative to October 2012 when home cash sales were 45.7 percent of transactions.

The great majority of condo sales continue to be all cash transactions. According to the MIAMI October report, of the 1,416 condos sold last month, 71.2 percent of them (1,009) were paid in cash. Meanwhile, during the same period in 2012, condo cash transactions accounted for 76.6 percent of sales.

By comparison all-cash sales nationally accounted for 31 percent of transactions in October, down from 33 percent the previous month and up from 28 percent in October 2012.

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